Lagos Holds ₦1.2tn in Domestic Debt as FCT Debt Rises 405%

Nigeria’s 36 states and the Federal Capital Territory owed a combined ₦4.59 trillion in domestic debt at the end of June 2026, according to Debt Management Office data. This was 15.8% higher than the ₦3.96 trillion recorded a year earlier. While 23 of the 37 subnational governments reduced their domestic debt, borrowing by the remaining 14 pushed the overall figure upward. The total also rose by 1.5% from ₦4.52 trillion in the first quarter of 2026. Lagos accounted for ₦1.20 trillion, or about 26% of the total. Lagos, Delta, the FCT, Rivers and Edo together owed ₦2.49 trillion, representing 54% of all state-level domestic debt.

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